Most of us have heard of the banks offering mortgage deferrals. These deferrals were put in place to help people struggling to make their mortgage payments due to job loss or reduction of work. If you qualify, you could receive up to 6 months of mortgage deferral payments.
Keep in mind a mortgage deferral is not a forgiveness of your loan, but rather an agreement with your bank where they give you a "break" from making your payments. Once the agreement ends your mortgage payments return to normal and the missed payments, including principal and accumulated interest - repaid. Depending on your current situation, this deferral could lessen the stress you may be experiencing due to COVID-19.
Mortgage deferral does not include property taxes and life/disability insurance.
Click here to read the published article by Canada Mortgage and Housing Corporation (CMHC)
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